Betting : A big problem to crypto?

[Tccrypto]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

[xenomorphe1]

I don't see this as a problem too. But it gives the idea that cryptocurrencies is mostly used for gambling and speculation. But that's the reality of the current cryptocurrencies. Developers need more time to create more useful and creative applications. The problem is how to attract people to use your application without them to be afraid that their coins lose value and who are the current users of cryptocurrencies.

[Ifychuks]

Betting is a form of game. If it can be utilized in the crypto space why not. I don't see anything wrong in that cos the conventional fiat is also used for betting. I see it as a welcome development and the much expected mass adoption of cryptocurency. This will help spread the news about cryptocurency to even the remote parts of the world where betting is mostly the source of livelihood.

[Mrcharles]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

I personally don't see betting as a bad activity, Infact its agreeable that betting is a great source of lucrative income for countries and businesses. Betting projects in cryptocurrency tend to do better than their counterparts in other sectors, that makes me prefer to work for projects that are into betting because most of them meet their softcap and pay bounty hunters generously.

[bartolo]

Unless trading is considered as a form of betting, I don't think that percentage is real, there are not as many crypto betting houses out there, that article must be wrong. In any case, if some people want to use their coins to bet, what is the problem?

[avikz]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

It entirely depends on your personal teste. If you don't like betting, you won't lkke it and vice versa. However, betting is not really a reason for the bad name cryptos have earned (if any).

Whatever the controversies you will see in the market regarding cryptos, mostly comes from its association with dark web, ransonware, money laundering and terrorism financing kind of illegal incidents. I think these incidents are actually harming the reputation of cryptos more than betting.

I will make a special mention of ransonware because it literally shook the world in 2017 by launching more than 100 million attacks. One thing was commin in all these attacks, is bitcoin! That was a real bummer. Betting at least provides a way to utilize cryptos.

[VanDeinsberg12]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

that article can't be used to represented the whole of the crypto transaction. What's the data that already taken by that article? is that coming from the reliable source? a lot of question can be talked about that. As far as i know so many betting platform have been moving to the new blockchain with the cheap tx fees as the main consideration.
how much crypto tx can't be determined to be used in one thing.

[javadsalehi]

Many transactions are made via gambling websites. But I don't think that percentage is right. You can easily check the coins transferred via exchanges and compare them with the transactions made via gambling websites. I expect the number of transactions made by traders to be much more than gamblers.
Can you provide a link to the article?

[numanoid]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

No, people are betting everyday, hows that bad? Unless you are buying/selling drugs, gun, bomb, or any illegal things with bitcoin, that's a bad way to use bitcoin.

[taufik123]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

it is necessary to question the credibility of the website.  60% is a lot.  Maybe there are some that are used to bet.  but far more crypto is used for payment matters and for investment.  betting using crypto is also a great opportunity for long-term betting players.  Many projects with successful betting backgrounds until now

[electronicash]

its being used by people, its the most important of it all.  it doesn't matter whether most of us use crypto mainly for gambling or buy whatever they feel like. its how money works and btc is like money. it will come one day we could be using crypto in buying things in grocery stores and so on, one day we'll be doing that using our phones. for now, lets just earn more thru gambling

[chocopapaya]

I would imagine that article itself made crypto look bad.
But I would suspect the article itself.
I mean, where did that number even come from? 60%? Sounds like a fact that was just made up.

The thing is, I don't think we really need mainstream people jumping into crypto investment.
I do believe that crypto will go mainstream, but I would rather have institutional money jump into crypto rather than the average person.
The stock market is mainstream, but it's not a good idea for everyone to jump into it.

One of the reasons why I believe it's bad is because it brings so much volatility.
Inexperienced traders always cause the market to become unstable.

[bkbirge]

I don't know, but I will point out that this very site, the largest discussion group of crypto in the world has a very large percentage of people discussing gambling all the time, it has its own section. And I've noticed a LOT of people here confuse gambling with investing. So it wouldn't surprise me but 60% seems awfully high.

•Investing and gambling both involve risking capital in the hopes of making a profit.
•In both gambling and investing, a key principle is to minimize risk while maximizing reward.
•Gamblers have fewer ways to mitigate losses than investors do.
•Investors have more sources of relevant information than gamblers do.
•Over time, the odds will be in your favor as an investor and not in your favor as a gambler.
https://www.investopedia.com/articles/basics/09/compare-investing-gambling.asp

[kabit9]

Isn't trading also considered betting? I mean, when you buy a coin (LTC for example), you are buying because you are betting the price will go up, right?

If you count gambling and speculative trading, I suppose the figure would go higher than 90%.

[mrvuit]

I think betting is not bad, it depends on the bettor, but do all countries in the world accept betting ?
Does it make someone lose their property?

[Ayiranorea]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

This is quite a common thing that gets into discussion often. There are people who take it in the positive manner as well in the opposite way. For users who take it negative should know about bitcoin and it's early days of growth. Gambling industry is the one that helped with the growth through circulation during the early days when it struggled for growth. Now the situation has changed, yet the gambling contribution is massive for which one cannot State bitcoin to be bad which is truly the lack of true understanding about bitcoin.

[kramchers]

I once came across an article where it was stated that over 60 percent of most crypto transaction were used for betting. I don't see anything wrong with that. But don't you think it portrays crypto in a bad way?

Betting is not bad, there are many of those in this world.
It is ordinary to people that they do that especially in sports.
What it makes better with crypto betting is the fee and the percentage we dont need to pay for the bankers.
Also it allows us to transact faster and cheaper.

[ATSgrowth]

Maybe you are talking about gambling Dapps right?
I do not see any problem here, they are provably fair and some of them offer bettors earn passive income, so what is wrong?

[Bananington]

I doubt if what you read on that, article is true, 60% of the entire crypto transactions can't be used for betting. Where did they get those claims from? Well, even if that's true, people decide what to do with their coins so it's not bad per say.  The bad aspects where crypto is used will be for demanding ransom in cases like kidnapping, smuggling funds etc.

[javadsalehi]

I doubt if what you read on that, article is true, 60% of the entire crypto transactions can't be used for betting. Where did they get those claims from? Well, even if that's true, people decide what to do with their coins so it's not bad per say.  The bad aspects where crypto is used will be for demanding ransom in cases like kidnapping, smuggling funds etc.

I don't agree with the OP and the article ( I don't know which article is being talked about. ) I think the percentage is much lower. But let's assume that percentage is right. I think the OP is calling this a big problem, because cryprocurrencies have not been created for such a purpose. Even if the OP is right, again you are right. Because even if cryptocurrencies are not used for gambling, for now they are not supposed to being used for their main purposes which is daily buys and sells.